Mortgage/rent help please

[17bluebirds]

I'm really not sure how this works so I'd like some advice please.

I'm separated from H, and I guess we need to get on with selling the house.
So with 50% of the equity I will be nowhere near able to buy another house, and on my salary will only be able to get a tiny mortgage.

So, how would this work?
Would I just bank the equity and use it to pay rent? It would last about 8 years, till I'm about 58.
Then what? How do I live after that?
No chance of much more money, I'm near the top of my career, still only earning 22k. In 8 years I might be able to get a job on around 30k, but not enough to get a mortgage.
DS will be 20 by then, but has additional needs and probably wont be able to live independently, so I'll need a 2 bed house by then. Dd will be 25 so will have to fend for herself by then.

Does anyone know how this works, cos I just cant figure it out
I earn too much for universal credit, so what other options do I have?
Thanks

You really need to see a solicitor. It's impossible to advise on so little information but you may very well be able to get more than half.

I know, I will see a solicitor, but I'm just trying to get my head around it all before spending a fortune on one.

You should be entitled to some universal credits on those wages. Check the turn2us calculator.

Also, definitely get a solicitor! You have a child who will need to be cared for into adulthood and it might be you get the house or 60%. Don't forget pensions too and cars. At the end of a marriage you should be on an equal footing to your ex.

I'm assuming you are the primary carer? Then you will also have child maintenance. Some places take maintenance and benefits in to account for a mortgage.

I got a 70/30 split in my favour when I split with my ex. I had to provide a home for our two children and this allowed me to be able to do this.

Definitely would recommend seeking legal advice.

A good start will be to get advice on what your mortgage capacity is. Could you buy somewhere using that and around 60-70% of the equity? Are there pensions or savings?

You might not get 50/50. If you have a child with additional needs and you get main custody you’ll likely get a larger share. Do you need to buy a house with your share or could you get a 2 bed flat? Could you move to a different part of town?

I think you should go for a larger share of the house in view of your circumstances. And I agree you should get UC but if you get a lump sum from the house and don't buy another property that will be a problem.

Does your son get DLA?
Do you get carers?
If he did you wouldn't be required to work.
But you could do up to about £120 a week.

Are you sure you've checked your UC now?
There are fb groups about claiming UC with some really helpful people who will check your sums etc

50/50 doesn't seem fair.
You're supposed to start again on equal footing as poster above says.

How much equity in the house?
How much in your pensions?
What is his wage?

Having a child with SEN does change things considerably esp if they won't be independent.

Yes to dla, no to carers. We are both low earners with little pension provision.
I did claim UC, but due to some savings I only got £40 a month. So i closed the claim, it didn't seem worth jumping through hoops for that.

I guess I'll have to use that savings too and then reapply for UC.
I spoke to a solicitor today who seemed more positive about me being able to stay in the house for a good few years yet.